MCom/Honours at UoM - melbourneactuary.com · the Faculty of Business and Economics (25 points)....

MCom/Honours at UoM

Dr. Zhuo Jin

Honours Convenor and Director of MCom (ActSci)

Aug 6, 2019

Dr. Zhuo Jin MCom/Honours at UoM

The degrees

BCom (Hons) – 2 semestersMaster of Commerce (Actuarial Science) – 3 semestersBoth Semester 1 intake onlyBoth require a BCom majoring in actuarial studies fromMelbourne or elsewhereDo not confuse with the Master of Actuarial Science – for nonactuarial grads


Why?

Gets you through the last two CT subjects for Part ICovers Part II: three subjectsDeeper knowledge of actuarial studiesBetter job prospectsPreparation for research degrees – research projects and/oressay must have been done to get into the PhD programMasters longer but more depth and flexibilityPreparation for Part III


Entry Requirements: Honours

To have satisfied the requirements for the BCom by start ofsemester 1, 2020Four H2B or better in among the seven level-3 Actuarialsubjects:

Actuarial Modelling IActuarial Modelling IIFinancial Mathematics IIIActuarial StatisticsModels for Insurance and FinanceContingencies (counts for two subjects)

Clearly in: H2A average over all seven level-3 actuarialsubjectsClearly out: (a) fail to achieve H2B in four level-3 actuarialsubjects (b) overall average of 69 or less, or (c) fail onesubject in third yearOther cases examined individually, cannot say in advanceMust complete BCom in previous 2 years.


Entry Requirements: MCom(ActSci)

Applicants must have an undergraduate (e.g. BCom) orpostgraduate degree in actuarial studiesAverage 75 or above (over their whole degree)Applicants are expected to have completed core actuarialsubjects during their BCom so that pre-requisites are fullfilled.

In practice, very similar to honours.


Course Requirements: Honours

Actuarial Studies Projects or Essay (25 points).At least four other level-4 actuarial subjects (50 points).Approved level-3 or level-4 subjects taught within or outsidethe Faculty of Business and Economics (25 points).must achieve 65 average in honours to get the degree


Typical Subject Choices, Honours

Semester 1Risk Theory I (CT6 exemption)Advanced Financial Mathematics (CT8 exemption)Actuarial Practice and Control I (Part II exemption)Project or essay (you must do one)

Semester 2Actuarial Practice and Control II (Part II exemption)Actuarial Analytics and Data IIProject or essay (you must do one)Elective subject: e.g. Risk Theory II


Course Requirements: MCom – Practice Pathway

Two pathways: practice or research. For the practice pathwaycompulsory subjects are:

Mathematics of Finance III (=AFM), S1Insurance Risk Models (=Risk Theory I), S1APC I, S1APC II, S2Data Analytics In Insurance II, S2

Plus at least 25 points fromResearch report (25 point essay), S2 and S3 or twice in S3Research projects (25 points, 3 projects), S1 and S2Insurance Risk Models II, S2, 12.5 pointsGeneral Insurance Practice, S3, 12.5 points

Plus (5) electives. Part Time is possible. 50 average to pass.


Course Requirements: MCom – Research Pathway

For the practice pathway, compulsory subjects are:Mathematics of Finance III (=AFM), S1Insurance Risk Models (=Risk Theory I), S1APC I, S1Research report (25 point essay), S2 and S3 or twice in S3

Plus at least 25 points fromAPC II, S2, 12.5 pointsData Analytics In Insurance II, S2, 12.5 pointsResearch projects (25 points, 3 projects), S1 and S2Insurance Risk Models II, S2, 12.5 pointsGeneral Insurance Practice, S3, 12.5 points

Plus (5) electives. Part Time is possible. 50 average to pass.


Masters Elective

ECOM90004 Time Series Analysis and ForecastingECOM90010 Bayesian EconometricsFNCE40003 Numerical Techniques in FinanceMAST90045 Systems Modelling and SimulationMAST90082 Mathematical StatisticsMULT90014 Business Risk ManagementMAST90083 Computational Statistics and Data MiningINFO90002 Database Systems & Information ModellingCOMP90038 Algorithms and ComplexityBUSA90473 Business PracticumBUSA90485 Global Business Practicum

Other Masters level electives in actuarial studies, economics,finance or mathematics are accepted as approved by the AcademicProgram Director.


Typical Subject Choices, Practice PathwaySemester 1

Insurance Risk Models I (CT6 exemption)Mathematics of Finance III (CT8 exemption)Actuarial Practice and Control I (Part II exemption)Mathematical Statistics

Semester 2Actuarial Practice and Control II (Part II exemption)Actuarial Analytics and Data IIInsurance Risk Models IITime Series Analysis and Forecasting

Semester 3General Insurance Practice (Part III prep)Business Risk Management (Part III prep) (Winter)Numerical Techniques in FinanceSystems Modelling and Simulation


Typical Subject Choices, Research PathwaySemester 1

Insurance Risk Models I (CT6 exemption)Mathematics of Finance III (CT8 exemption)Actuarial Practice and Control I (Part II exemption)Mathematical Statistics

Semester 2Research ReportComputational Statistics and Data MiningInsurance Risk Models IITime Series Analysis and Forecasting

Semester 3Research ReportGeneral Insurance Practice (Part III prep)Business Risk Management (Part III prep) (Winter)Numerical Techniques in Finance


Research Essay/Report

Honours students must do essay or projects. MComs can doeither, neither or both.Wannabe PhDs should do the essay/report25 pointsAll year for honours students.Do across S2 and S3 including summer for MCom or (twice inS3)10000 wordsHonours students have to submit a proposal by the end ofO-week for evaluation by the Centre’s staffYou can talk to academic staff to get help with the proposal -the earlier the better.If you are an H1 student seriously consider the essay.MCom students can complete research and practice pathways.


Research Projects

3 projects, one at a time, each 8 semester weeks, 25 pointsMinimal supervisionEveryone in the same degree does the same projectWritten skills and originality importantPoor grades often received because of lack of imagination orpoor written skills.


Commonwealth Supported Places (Domestic Students)

Honours – alwaysMCom – Limited number. In practice, H1 students will getone. H2A are likely to get one but will be assessed againstother applicants in the faculty.


Scholarships

There are various scholarships for masters students:http://fbe.unimelb.edu.au/scholarshipsNone currently for honours.Some scholarships are assessed automatically.


Applications

Apply onlineDomestic deadline 30th November for mastersInternational deadline 31st October for masters15 November for honours (firm)You can apply for both. Information on availability of fundingwill come with the offer.

https://fbe.unimelb.edu.au/students/bcom/honours/entry-requirements-and-how-to-applyhttps://study.unimelb.edu.au/find/courses/graduate/master-of-commerce-actuarial-science/https://handbook.unimelb.edu.au/courses/mc-comacts


Old Curriculum

Part I (CT1-CT8)Part II

Part II A (APC I, APC II)Part II B (APC III)

Associate Actuaries: Part I, Part II, three years of workingexperience, professionalism course (one day)Honours and MCom at UoM: Part I and Part II


New Curriculum

Part ICB1 (CT2); ACCT10002, FNCE10002CB2 (CT7); ECON10004, ECON20001CS1 (CT3); MAST20004, MAST2005CS2 (CT4+CT6);CM1 (CT1+CT5);CM2 (CT8);


New Curriculum

Part IItaught at accredited university:

Actuarial Control Cycle; (Modified APC 1 APC 2)Core Data and Statistical Analysis (One university subject)

taught through AIAsset Management (Modified Part IIB, APC 3)Communications, Modeling and Professionalism

Associate: Part I+Part II+ One year work experience


Transition Rule

CT1-CT8 have been discontinuedCS-CB-CM are offered from 2019New curriculum will be offered at UoM from 20202019 Cohort: New Curriculum

First year subjects unchangedSecond year, Third Year and Honours or MCom, new subjects.


Transition Rule 2017 Cohort (current third year in 2019)

Old curriculum and old university subjectsIn 2020 (Honours + MCom)

RT1+AS-CT6; AFM+ FM 3-CT8;APC 1+ APC 2+ Data 2 (new subject)

At the end of Honours/MComIf CT1-CT8 – New Part IIf only part of CT1-CT8 are obtained

CT2=CB1 (if no CT2 has to be done with AI)CT7=CB2 (if no CT7 has to be done with AI)CT3=CS1CT4+CT6=CS2CT1+CT5=CM1CT8=CM2


Transition Rule 2017 Cohort (current third year in 2019)

If only part of CT1-CT8 are obtainedOnly one of CT4 and CT6: consider cutoffs for AM1, AM2,AS, and RT1 together, a special exam might be provided byinvitationOnly one of CT1 and CT5: consider cutoffs for FM1, FM2,and Contingencies together, a special exam might be providedby invitation


Contact

Dr. Zhuo Jin

Room 318, FBE

[email protected]


MCom/Honours at UoM - melbourneactuary.com · the Faculty of Business and Economics (25 points)....

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